1 00:00:01,360 --> 00:00:03,640 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:04,000 --> 00:00:06,760 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:07,000 --> 00:00:10,840 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,920 --> 00:00:14,160 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,560 --> 00:00:18,200 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,680 --> 00:00:21,480 Speaker 1: It might seem boring to safe plan and make calculated 7 00:00:21,480 --> 00:00:24,599 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,640 --> 00:00:27,960 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:28,080 --> 00:00:32,879 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,960 --> 00:00:35,600 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,600 --> 00:00:38,840 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,280 --> 00:00:45,920 Speaker 1: National Association Member FDIC erness What's Up? You ever walk 13 00:00:45,920 --> 00:00:49,000 Speaker 1: into a small business and everything just works like the 14 00:00:49,080 --> 00:00:53,200 Speaker 1: checkout is fast, the receipts are digital, tipping is a breeze, 15 00:00:53,479 --> 00:00:55,640 Speaker 1: and you're out the door before the line even builds. 16 00:00:55,960 --> 00:01:00,240 Speaker 1: Odds are they're using Square? We love supporting business that 17 00:01:00,320 --> 00:01:02,959 Speaker 1: run on Square because it just feels seamless. 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Don't wait, don't hesitate. 30 00:01:45,760 --> 00:01:48,160 Speaker 1: Let's Square handle the back end so you can keep 31 00:01:48,160 --> 00:01:49,760 Speaker 1: pushing your vision forward. 32 00:01:51,640 --> 00:01:53,520 Speaker 2: Getting into some actionable items. 33 00:01:53,560 --> 00:01:55,440 Speaker 3: I want to talk even off script for a little 34 00:01:55,440 --> 00:01:57,880 Speaker 3: bit about like different ways, because like I feel like 35 00:01:58,320 --> 00:02:02,600 Speaker 3: gamification is violently important when it comes to teaching anybody 36 00:02:02,600 --> 00:02:07,640 Speaker 3: about anything, but especially children, right, So that's probably one 37 00:02:07,640 --> 00:02:09,960 Speaker 3: of the first things that I think parents can do 38 00:02:10,040 --> 00:02:14,800 Speaker 3: is actually gamify finances and make it relatable. So to 39 00:02:14,800 --> 00:02:18,000 Speaker 3: give you some examples. Of course, there's games like Monopoly 40 00:02:18,040 --> 00:02:20,720 Speaker 3: that's a very good game. But just like if you 41 00:02:20,720 --> 00:02:22,840 Speaker 3: could create your own game, like you can have budget battles, 42 00:02:22,880 --> 00:02:26,200 Speaker 3: right and see the budget battle is good because that 43 00:02:26,280 --> 00:02:32,000 Speaker 3: actually forces people to learn vital skills early. So what 44 00:02:32,040 --> 00:02:36,919 Speaker 3: a budget battle is is, let's say you have two kids, right, 45 00:02:37,360 --> 00:02:40,400 Speaker 3: and it's two parents and two kids, and we're playing 46 00:02:40,400 --> 00:02:44,000 Speaker 3: budget battle, right, and we have fake money. We'll use 47 00:02:44,120 --> 00:02:46,520 Speaker 3: like five thousand dollars, right, But then you have a 48 00:02:46,600 --> 00:02:48,400 Speaker 3: list of items that everybody gets. 49 00:02:48,680 --> 00:02:50,120 Speaker 2: And you have rent or. 50 00:02:50,080 --> 00:02:54,080 Speaker 3: A mortgage payment at fifteen hundred dollars, you have gas 51 00:02:54,200 --> 00:02:55,240 Speaker 3: at one hundred. 52 00:02:54,880 --> 00:02:59,280 Speaker 2: Dollars, you have genes at two hundred and fifty dollars. 53 00:02:59,320 --> 00:03:02,560 Speaker 3: So what you do is you put necessities on there, 54 00:03:03,000 --> 00:03:06,120 Speaker 3: but then you also put things that aren't necessities right 55 00:03:06,240 --> 00:03:10,240 Speaker 3: on there as well. So you give you give everybody 56 00:03:10,320 --> 00:03:13,919 Speaker 3: the sheet, right, and then you so now the sheet 57 00:03:14,240 --> 00:03:17,200 Speaker 3: in total might equal ten thousand dollars, So you're not 58 00:03:17,360 --> 00:03:19,760 Speaker 3: going to be able to spend all of the money 59 00:03:19,760 --> 00:03:20,160 Speaker 3: on one thing. 60 00:03:20,200 --> 00:03:22,600 Speaker 2: So you have to actually pick what's important to you. 61 00:03:22,960 --> 00:03:26,880 Speaker 3: So usually a child that doesn't have full understanding of life, right, 62 00:03:27,120 --> 00:03:30,320 Speaker 3: they're gonna pick travel, they're gonna pick clothes, they're gonna 63 00:03:30,320 --> 00:03:33,240 Speaker 3: pick food, they're gonna pick going to Disney World. So 64 00:03:34,520 --> 00:03:37,119 Speaker 3: now you explained to them the consequences of that, right, 65 00:03:37,320 --> 00:03:39,480 Speaker 3: where it's like, okay, Like, now you you spent your 66 00:03:39,520 --> 00:03:43,280 Speaker 3: five thousand dollars, and nowhere, nowhere in this five thousand 67 00:03:43,320 --> 00:03:46,560 Speaker 3: dollars does it have anything to do with housing. Nowhere 68 00:03:46,560 --> 00:03:48,240 Speaker 3: in this five thousand dollars to have anything to do 69 00:03:48,280 --> 00:03:52,600 Speaker 3: with transportation. So now you had a good time and 70 00:03:52,640 --> 00:03:54,240 Speaker 3: you went to Disney World, and you have a pair 71 00:03:54,280 --> 00:03:54,840 Speaker 3: of jeans that. 72 00:03:54,800 --> 00:03:57,800 Speaker 2: You like, but now you no longer have anywhere to live. 73 00:03:58,360 --> 00:04:01,680 Speaker 3: Right, And it's rewarded as far as whoever makes the 74 00:04:01,720 --> 00:04:04,680 Speaker 3: best financial decision actually potentially get real money. 75 00:04:04,680 --> 00:04:06,400 Speaker 2: So like the win of the game gets one hundred dollars, 76 00:04:06,440 --> 00:04:07,040 Speaker 2: let's say. Right. 77 00:04:08,040 --> 00:04:11,480 Speaker 3: So, now what that does is a it teaches them 78 00:04:11,680 --> 00:04:16,200 Speaker 3: early the importance of prioritizing things. 79 00:04:16,440 --> 00:04:16,640 Speaker 2: Right. 80 00:04:17,080 --> 00:04:21,120 Speaker 3: It also teaches them early the value of creating a budget. 81 00:04:21,560 --> 00:04:24,120 Speaker 3: Creating a budget is probably one of the most underrated 82 00:04:24,279 --> 00:04:27,720 Speaker 3: things when it comes to finance. Right, It's like insurance. 83 00:04:27,880 --> 00:04:29,880 Speaker 3: It's not sexy, nobody wants to talk about it, but 84 00:04:30,160 --> 00:04:33,320 Speaker 3: it's vitally important. When you look at Fortune five hundred companies, 85 00:04:33,320 --> 00:04:35,719 Speaker 3: there's no Fortune five hundred company that operates without a budget. 86 00:04:36,040 --> 00:04:39,360 Speaker 3: The United States government operates with a budget, but most 87 00:04:39,560 --> 00:04:42,240 Speaker 3: people have no idea how much money is coming in 88 00:04:42,320 --> 00:04:43,599 Speaker 3: or how much money is coming out? 89 00:04:43,880 --> 00:04:44,800 Speaker 2: Right? Just think about that. 90 00:04:44,839 --> 00:04:46,960 Speaker 3: Like if you were the CEO of a company and 91 00:04:47,040 --> 00:04:49,359 Speaker 3: somebody asks you how much revenue did you have in 92 00:04:49,720 --> 00:04:52,599 Speaker 3: this year? And you gave them a vague answer, and 93 00:04:52,640 --> 00:04:56,120 Speaker 3: then they said, more importantly, how much money was going out? 94 00:04:56,160 --> 00:04:58,240 Speaker 2: What was your expenses? And you have no answer at all? 95 00:04:58,800 --> 00:05:01,960 Speaker 2: How long do you think that ce would last? Right? 96 00:05:02,480 --> 00:05:04,520 Speaker 3: Even you you run a school, right, you have to 97 00:05:04,600 --> 00:05:07,200 Speaker 3: know how much you guys are spending. You spend for 98 00:05:07,240 --> 00:05:11,120 Speaker 3: school uniforms, you spend for lunch. Like, that's vitally important 99 00:05:11,120 --> 00:05:15,960 Speaker 3: to know. Most people don't have any idea about that 100 00:05:16,800 --> 00:05:19,400 Speaker 3: because it was never taught to them. It's not a 101 00:05:19,440 --> 00:05:22,560 Speaker 3: complicated thing to teach, but it is vitally important. 102 00:05:22,839 --> 00:05:24,239 Speaker 2: And one thing. 103 00:05:24,080 --> 00:05:27,240 Speaker 3: About habits is that the habits that you develop young 104 00:05:27,320 --> 00:05:30,360 Speaker 3: usually carry with you for a long time. Right, So 105 00:05:30,400 --> 00:05:32,400 Speaker 3: it's like eating. This is why it's very important to 106 00:05:32,400 --> 00:05:35,760 Speaker 3: introduce a healthy lifestyle early, because it's difficult to make 107 00:05:35,800 --> 00:05:38,600 Speaker 3: somebody a vegan after they ate McDonald's for twenty five years. 108 00:05:38,880 --> 00:05:39,120 Speaker 2: Right. 109 00:05:39,240 --> 00:05:41,440 Speaker 3: This is why cigarette companies used to target kids at 110 00:05:41,480 --> 00:05:43,200 Speaker 3: a very young age, because they know that if you 111 00:05:43,240 --> 00:05:45,320 Speaker 3: get a child, you get a lifelong customer. This is 112 00:05:45,320 --> 00:05:50,160 Speaker 3: why McDonald's has Ronald McDonald. When they have kids parties, 113 00:05:50,560 --> 00:05:54,919 Speaker 3: they target young people because usually the habits that you 114 00:05:55,040 --> 00:05:57,960 Speaker 3: make early you continue for the rest of your life. 115 00:05:58,560 --> 00:06:01,000 Speaker 3: But if you can make good habits early, you can 116 00:06:01,040 --> 00:06:03,839 Speaker 3: continue for the rest of your life. So the budget 117 00:06:03,880 --> 00:06:08,680 Speaker 3: game is something that is a very good way to 118 00:06:11,080 --> 00:06:15,720 Speaker 3: gamify what. You can incentify it as well, but early 119 00:06:15,960 --> 00:06:19,919 Speaker 3: you can teach people the value teach kids the value 120 00:06:20,520 --> 00:06:24,440 Speaker 3: of what they're spending their money on and the importance 121 00:06:25,160 --> 00:06:31,000 Speaker 3: of having a discipline budget right as opposed to spending 122 00:06:31,040 --> 00:06:33,839 Speaker 3: money fervously right, And you have to explain to them 123 00:06:33,920 --> 00:06:39,560 Speaker 3: like why since you didn't do this, the consequences of 124 00:06:39,600 --> 00:06:44,240 Speaker 3: you not doing this is this right. So that's something 125 00:06:44,240 --> 00:06:46,960 Speaker 3: that I think is important before we continue. I just 126 00:06:46,960 --> 00:06:51,320 Speaker 3: wanted to kind of start with some level of gamification 127 00:06:51,480 --> 00:06:55,400 Speaker 3: because I do think that that is a major part 128 00:06:55,839 --> 00:06:58,320 Speaker 3: in the learning process. And like I said, that's something 129 00:06:58,360 --> 00:07:00,400 Speaker 3: that you can do a family out and you can 130 00:07:00,440 --> 00:07:02,040 Speaker 3: have a spreadsheet, you can put on the internet. You 131 00:07:02,080 --> 00:07:04,839 Speaker 3: can make it as complex or as simple as you want. 132 00:07:04,880 --> 00:07:09,400 Speaker 3: It's up to you, but it's really not difficult. And 133 00:07:09,480 --> 00:07:11,720 Speaker 3: if you are playing games like Monopoly, I think it's 134 00:07:11,800 --> 00:07:15,760 Speaker 3: important to fully explain the Monopoly game, right, Like explain, 135 00:07:16,440 --> 00:07:20,320 Speaker 3: you know why buying property is so violently important because 136 00:07:20,360 --> 00:07:22,920 Speaker 3: you're getting rent. Right, So in the middle of the game, 137 00:07:23,400 --> 00:07:26,360 Speaker 3: just stop. You're gonna learn about financing just by playing 138 00:07:26,360 --> 00:07:27,880 Speaker 3: the game. But I think it's important to kind of 139 00:07:27,920 --> 00:07:31,080 Speaker 3: stop the game and intervals and explain, like, Okay, now, 140 00:07:31,240 --> 00:07:33,600 Speaker 3: the reason why you want to have these houses is 141 00:07:33,600 --> 00:07:36,560 Speaker 3: because you're collecting rent and you're a landlord, right, So 142 00:07:36,920 --> 00:07:44,120 Speaker 3: now landlords, everybody in real estate is everybody in real estate, right. 143 00:07:44,160 --> 00:07:47,280 Speaker 3: Everybody participates in real estate unless you're homeless. So I 144 00:07:47,280 --> 00:07:50,800 Speaker 3: think it's important to teach children that early. Everybody participates 145 00:07:50,800 --> 00:07:53,480 Speaker 3: in real estate unless you're homeless. So you say, okay, 146 00:07:53,560 --> 00:07:59,000 Speaker 3: now you can participate and pay rent to somebody, right now, 147 00:07:59,120 --> 00:08:01,600 Speaker 3: every month you have to pay, and what you're actually 148 00:08:01,600 --> 00:08:03,960 Speaker 3: doing is paying their mortgage, which is a loan from 149 00:08:04,000 --> 00:08:05,040 Speaker 3: the bank, which you learn. 150 00:08:04,920 --> 00:08:06,280 Speaker 2: That in the game. 151 00:08:06,800 --> 00:08:09,040 Speaker 3: But the other side of that is that you have 152 00:08:09,200 --> 00:08:13,440 Speaker 3: a landlord who's actually collecting rent. So there's only two 153 00:08:13,440 --> 00:08:15,960 Speaker 3: ways that you can play this game. You can either 154 00:08:16,440 --> 00:08:21,960 Speaker 3: pay or you can collect, right, that's the two ways 155 00:08:22,000 --> 00:08:25,280 Speaker 3: to go about it. So explaining why it's always going 156 00:08:25,320 --> 00:08:29,040 Speaker 3: to be better usually to be on the collecting side 157 00:08:29,080 --> 00:08:32,880 Speaker 3: as opposed to the paying side, I think is something 158 00:08:32,960 --> 00:08:39,240 Speaker 3: that in a game like Monopoly, when you fully explain it, 159 00:08:39,760 --> 00:08:43,120 Speaker 3: break it down now, you start to have more of 160 00:08:43,160 --> 00:08:44,960 Speaker 3: an appreciation as opposed to just. 161 00:08:44,880 --> 00:08:47,319 Speaker 2: Playing a game just trying to win. Right. 162 00:08:47,360 --> 00:08:50,000 Speaker 3: Like I said, it's still beneficial in that way, but 163 00:08:50,040 --> 00:08:52,640 Speaker 3: if you can actually start to explain it, even in 164 00:08:52,840 --> 00:08:56,160 Speaker 3: very elementary, easy to understand ways to go about it, 165 00:08:56,240 --> 00:08:59,520 Speaker 3: and even the strategy of buying the same street, right, 166 00:09:00,040 --> 00:09:00,720 Speaker 3: that's a strategy. 167 00:09:00,720 --> 00:09:01,840 Speaker 2: That's a real estate strategy. 168 00:09:02,040 --> 00:09:04,319 Speaker 3: It's like, okay, we want all we want all blue, 169 00:09:04,440 --> 00:09:07,280 Speaker 3: we want boardwalk, and we want all of those blue 170 00:09:07,280 --> 00:09:10,520 Speaker 3: properties because usually it's going to work better if you 171 00:09:10,520 --> 00:09:12,120 Speaker 3: buy real estate close to each other. 172 00:09:12,480 --> 00:09:12,640 Speaker 2: Right. 173 00:09:12,880 --> 00:09:14,720 Speaker 3: There's a reason why most people that have large real 174 00:09:14,800 --> 00:09:17,760 Speaker 3: estate portfolios it's in clusters. They don't have like one 175 00:09:17,760 --> 00:09:20,400 Speaker 3: house in Michigan, one house and all beneath. Because you 176 00:09:20,480 --> 00:09:25,480 Speaker 3: learn the market, you get familiar with the town government, right, 177 00:09:25,880 --> 00:09:30,840 Speaker 3: you have incentives. It's easier for you to manipulate the 178 00:09:30,880 --> 00:09:33,880 Speaker 3: situation when you have things close by in a cluster. 179 00:09:34,440 --> 00:09:37,440 Speaker 3: That's another thing that you learn in monopoly, like it's 180 00:09:37,640 --> 00:09:40,960 Speaker 3: more beneficial to own a set as opposed. 181 00:09:40,640 --> 00:09:42,920 Speaker 2: To just owning everything randomly. Right. 182 00:09:43,240 --> 00:09:45,280 Speaker 3: So little stuff like that when you when you start 183 00:09:45,320 --> 00:09:49,160 Speaker 3: to train children and even adults, but you start to 184 00:09:49,160 --> 00:09:51,400 Speaker 3: train them in the form of gamification, and then you're 185 00:09:51,440 --> 00:09:55,160 Speaker 3: explaining it to them as you're actually playing. I think 186 00:09:55,240 --> 00:10:00,760 Speaker 3: that that's a major step in them getting to understand 187 00:10:00,800 --> 00:10:03,120 Speaker 3: the dynamics of how how money in business works. 188 00:10:03,600 --> 00:10:07,520 Speaker 4: You just realized your business needed to hire someone yesterday. 189 00:10:08,000 --> 00:10:12,760 Speaker 4: How can you find amazing candidates fast? Easy? Just use Indeed. 190 00:10:13,160 --> 00:10:15,880 Speaker 4: Stop struggling to get your job posts seen on other 191 00:10:16,000 --> 00:10:19,680 Speaker 4: job sites. 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